The situation in the Middle East is full of uncertainty, and it’s difficult to separate fact from fiction. With stocks rallying into the close today, I started scouting for buying opportunities. I initiated a position in Ross Stores, Inc. after it broke out of a consolidation pattern. The stock also demonstrated relative strength, refusing to follow the broader market lower and maintaining its upward momentum despite market weakness.
Positives
- Price is above the 10, 20, 50, and 200 moving averages
- Price is at all time high
- It breaks the key resistance
- MACD is getting strength
Negatives
- It did not close near today’s high
- Volume did not increase that much
Trade Plan
- Stop loss: Intraday low
- Target: $262.47
